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Food inflation falls to 13.75% for the week ended 16th Oct

New Delhi: Food inflation declined sharply to 13.75% for the week ended 16th October 16, falling by 1.78 percentage points from 15.53% in the previous week, reports PTI.

Government data showed that food inflation fell on improved kharif supplies and fall in prices of certain vegetables, especially potatoes and onions.

This is the second consecutive week when food inflation has declined.

On an annual basis, potato prices eased by 49.69% and onions became cheaper by 6.93%.

Overall, prices of vegetables went down marginally by 0.77% during the week on a year-on-year basis.

However, other essential items like cereals, milk and fruits continued to remain costly.

Experts said the impact of a good monsoon was slowly becoming visible on prices of essential items, as supply side pressure was easing after a good kharif harvest.

On annual basis, cereals prices have risen by 4.97%. While pulses became costlier by 4.16% on a yearly basis, wheat and rice prices increased by 6.56% and 3.49%, respectively.

Among other food items, milk prices soared by 21.65% during the week compared to the same period last year, while fruit rates rose by 16.06%.

Eggs, meat and fish became dearer by 28.12% on an annual basis.

After some moderation in July, food inflation remained high during August and September due to supply disruptions, caused by heavy monsoon


Thursday’s Market Preview: Sideways opening on the cards

The market is expected to open sideways on mixed cues from the global arena and nervousness on the futures and options (F&O) expiry day. Wall Street closed lower on Wednesday as investors stayed on the fence on concerns about the outcome of the two-day Federal Reserve meeting next week. Markets in Asia were trading with marginal gains in early trade, for the first time in three days, on upbeat earnings numbers. The SGX Nifty was down 6 points to 6,025 compared to its previous close of 6,031.

The market opened weak on Wednesday on unsupportive global cues. Selling in key heavyweights and nervousness ahead of the futures and options (F&O) expiry, kept the market in the negative terrain. The losses increased as the day progressed, plunging the indices deeper into the red following a dismal opening at the European bourses. However, the indices settled a little above the psychological levels.

The Sensex ended at 20,005, down 216.02 points (1.07%), marginally above the 20,000-mark. The Nifty declined 75 points (1.23%) to end at 6,007, slightly above the crucial level of 6,000.

Wall Street closed lower on Wednesday as investors preferred to stay on the sidelines, awaiting the outcome of the two-day Federal Reserve meeting next week. On the economic front, sales of new US single-family homes rose more than expected last month while demand for durable goods, excluding aircraft, unexpectedly fell in the same month.

The Dow fell 43.18 points (0.39%) to 11,126. The S&P 500 fell 3.19 points (0.27%) to 1,182. On the other hand, the Nasdaq rose 5.97 points (0.24%) to 2,503.26.

Markets in Asia were trading with marginal gains this morning on positive earnings reports. The gains were also supported by a halt in the dollar’s rise against other key currencies. The markets are showing some signs of recovery after the steep decline last week after China surprised the region with a hike in interest rates.

The Hang Seng was up 0.19%, KLSE Composite was up 0.02% and Straits Times gained 0.40%. On the other hand, Shanghai Composite was down 0.16%, Jakarta Composite was down 0.12%, Seoul Composite was down 0.30% and Taiwan Weighted shed 0.10%.

Finance minister Pranab Mukherjee said that the government will bring down fiscal deficit to 4.1% of the country’s gross domestic product (GDP) by 2012-13.

Mr Mukherjee added that buoyant economy will help to fund infrastructure. He also informed that the government will involve MPs in monitoring central schemes and projects. India's economy he said is a reflection of the strength of India's fundamentals led by industries and improved services growth.


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